巨星科技（002444）：Q2收入基本持平，电动工具维持高增

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5][16]. Core Insights - The company achieved a revenue of 7.027 billion yuan in the first half of 2025, representing a year-on-year growth of 4.87%, and a net profit of 1.273 billion yuan, up 6.63% year-on-year [1]. - The gross margin and net margin for the first half of 2025 were 31.95% and 18.69%, respectively, with slight changes compared to the previous year [1]. - The company has established a robust global production and supply chain management system, allowing it to respond quickly to market demands and fulfill large orders efficiently [3]. - The company's proprietary brands, particularly in e-commerce, have seen significant growth, with sales increasing by 10.37% year-on-year [3]. - The electric tools segment has experienced rapid growth, driven by global expansion and innovation in lithium battery-powered tools [3]. Financial Performance Summary - In Q2 2025, the company reported revenue of 3.371 billion yuan, a decrease of 0.69% year-on-year and a 7.79% decline quarter-on-quarter, while net profit was 0.812 billion yuan, up 4.08% year-on-year and 76.28% quarter-on-quarter [1]. - The revenue breakdown by product shows hand tools, electric tools, and industrial tools generating 4.62 billion, 0.74 billion, and 1.63 billion yuan, respectively, with year-on-year growth rates of 1.64%, 56.03%, and 0.12% [2]. - Revenue from North America and Europe was 4.57 billion and 1.80 billion yuan, respectively, with year-on-year growth of 4.27% and 4.79% [2]. - The company’s EBITDA for 2025 is projected to be 3.479 billion yuan, with a year-on-year growth of 15.52% [4]. Future Projections - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 2.661 billion, 3.187 billion, and 3.694 billion yuan, respectively, indicating year-on-year growth rates of 15.52%, 19.75%, and 15.92% [4]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 14, 12, and 10, respectively [4].